Fontainebleau Las Vegas gets US$2.2b to finish construction
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FONTAINEBLEAU Las Vegas, the long-delayed resort being built along the city’s famous Strip, secured a US$2.2 billion loan to complete construction.
Sumitomo Mitsui Banking, Blackstone, Goldman Sachs Group, Guggenheim Partners and Vici Properties participated in the financing, with JPMorgan serving as administrative agent, the developers said in a statement Friday (Dec 23). The total project cost is US$3.7 billion.
The 67-story hotel, which will feature a casino and convention space, is scheduled to be finished in the fourth quarter of 2023. A two-level mall is expected to have more than 35 designer stores.
The project, from Florida developer Jeffrey Soffer, originally broke ground in 2007. He lost control of it during the financial crisis before regaining ownership last year, along with partner Koch Real Estate Investments, part of the Koch Industries empire.
Carl Icahn owed the property at one point. As did investor Steven Witkoff, who planned a resort called the Drew. Soffer owns the famed Fontainebleau resort in Miami Beach. Newmark Group served as advisers on the financing.
The Las Vegas site is located on the north end of the Strip, near the Wynn Resorts casinos and the city’s convention centre. That part of town has traditionally been a difficult one for hotel operators because it’s not as close to many other resorts.
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Malaysian casino giant Genting Group opened the US$4.3 billion Resorts World across the street last year. BLOOMBERG
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